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Pekin Insurance Named as One of Best Places to Work in Illinois

Posted by on May 30, 2019 in News, Uncategorized

Pekin Insurance was recently named as one of the 2019 Best Places to Work in Illinois in the large company category.

The Best Places to Work in Illinois awards program began in 2006 and is promoted by The Daily Herald Business Ledger in partnership with the Illinois Chamber of Commerce, MRA-The Management Association, the Small Business Advocacy Council, and Best Companies Group.

This statewide survey and awards program was designed to identify, recognize, and honor the best places of employment in Illinois, benefiting the state’s economy, workforce, and businesses. Companies from across the state entered the two-part process to determine the Best Places to Work in Illinois. The first part consisted of evaluating each nominated company’s workplace policies, practices, and demographics. The second part consisted of an employee survey to measure the employee experience. The combined scores determined the top companies and the final ranking.  Best Companies Group managed the overall registration and survey process in Illinois and analyzed the data to determine the final rankings.

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Pekin Insurance Earns Superior Rating for Claims Service

Posted by on May 17, 2019 in News

Ward Group, an Aon Hewitt company, has awarded Pekin Insurance with a Superior Rating for Personal Lines Claims Customer Experience.

Ward’s Claims Customer Experience Superior Rating™ is based on achieving a minimum Net Promoter Score (NPS) of 50 across all personal auto and property claims settled and measured during 2018. The NPS is determined through a customer survey process, and it measures how likely customers are to recommend a company’s products or services. During this time period, Pekin Insurance achieved an NPS of 51.

For the past 29 years, Ward Group has analyzed key financial and customer experience aspects of the property-casualty insurance companies, identifying the top performers.

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Pekin Life Insurance Company Holds Annual Meeting

Posted by on May 14, 2019 in News

Pekin Life Insurance Company held its annual meeting on Tuesday, May 14, 2019, at the Company’s Home Office in Pekin, Illinois.

The Company reported net income of $3.4 million.  Premium income decreased by 7.4 percent to $184.5 million.  Life Insurance in force exceeded $18.2 billion in the year 2018. 

At the meeting, shareholders elected directors Thomas C. Hornstein, Pekin, Illinois; Scott A. Martin, Chillicothe, Illinois; and Christine A. Schwartz, Pekin, Illinois, to three year terms to expire in May 2022.

Other directors whose terms continue are:  Steven R. Anderson, Loves Park, Illinois; Craig W. Concklin, Hinsdale, Illinois; Daniel V. Connell, Tremont, Illinois; Byron A. Dodd, Anna, Illinois; John S. Heller, East Peoria, Illinois; and Brian K. Lee, Pekin, Illinois.

Pekin Life Insurance Company is an integral part of the Pekin Insurance® group of companies.

Pekin Life Insurance Company stock trades under the symbol “PKIN” and is listed on the OTC Pink Marketplace.

A multi-line company, Pekin Life Insurance Company offers individual life which includes term life, whole life, universal life, as well as medicare supplement, annuity, credit insurance, debt protection, and pre-need coverages. 

Other products offered by the Pekin Insurance group include personal automobile, homeowners, motorcycle, recreational vehicle, boatowners, personal umbrella, commercial automobile, businessowners, commercial property and liability, workers compensation, commercial umbrella and bonds.

Information about Pekin Life Insurance Company can be obtained by visiting our Internet website at www.pekininsurance.com.

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A.M. Best Affirms Financial Strength Ratings

Posted by on Jun 30, 2016 in News

The Farmers Automobile Insurance Association and Pekin Insurance Company Ratings

A.M. Best has affirmed the Financial Strength Rating (FSR) of “A” (Excellent) of Pekin Insurance® Group and our two intercompany pool members, The Farmers Automobile Insurance Association and its wholly owned subsidiary, Pekin Insurance Company. The outlook for the FSR continues to be stable. Financial Strength Ratings are published in A.M. Best’s Insurance Reports and represent their independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The affirmed rating reflects our solid risk-adjusted capitalization driven by a conservative investment risk profile, historically favorable loss reserve development, and well-established agency relationships. This rating acknowledges our competitive advantages including improved technology as reflected by our use of By-Peril based rating in the Homeowners line of business. A.M. Best also noted our increased market footprint in Arizona, which historically has been a profitable market for Homeowners insurance.

At the same time, A.M. Best has affirmed our Issuer Credit Rating (ICR) of “a.” The outlook for the ICR continues to be stable. Issuer Credit Ratings are not published in A.M. Best’s Insurance Reports, but are posted on A.M. Best’s website and Business Wire. An ICR is assigned to insurance companies, banks, hospitals, holding companies, or other legal entities authorized to issue financial obligations and represents A.M. Best’s independent opinion of an entity’s ability to meet its ongoing senior financial obligations. Although the Pekin Insurance Group has never issued any senior financial obligations, the ICR is utilized by A.M. Best to provide additional granularity in the overall rating process.

Pekin Life Insurance Company Ratings

A.M. Best has also affirmed the FSR of “A-” (Excellent) and the ICR of “a-” for Pekin Life Insurance Company. The outlook for both ratings remains stable. The ratings of Pekin Life Insurance Company reflect an adequate level of risk-adjusted capitalization and a positive contribution to the Pekin Insurance Group. A.M. Best also noted our strategy to grow the ordinary life business while reducing exposure to the health segments.

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Pekin Insurance Agencies Helped Support the Honor Flight Network

Posted by on Dec 31, 2015 in News

Pekin Insurance® agencies are honoring those who served in our military by supporting the Honor Flight Network, which recognizes American veterans for all their sacrifices.  Several independent insurance agents participated in the annual Tour of Honor Contest sponsored by Pekin Insurance.

For every life insurance application submitted, money was donated to the Honor Flight Network which transports veterans to Washington, D.C., to visit and reflect at their memorials.  This is a small tribute to those who gave so much.  Thanks to the combined efforts of the Pekin Insurance independent agency force, the company donated $20,000 to this cause.

Pekin Insurance and its independent agencies thank the men and women who made the sacrifice and commitment to fight for the freedom and safety of our country.

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